What are the benefits of SSS?
Social Security System (SSS) SSS members can avail of maternity, sickness, disability, retirement, funeral and death benefits. SSS also allows qualified members to take up salary, housing, business, educational loans. The SSS contribution is 11% of an employee’s monthly salary1.
What is SSS number in Philippines?
The Social Security Number or SSS number is a 10-digit number assigned to Filipinos who apply for membership with the SSS. It’s used in all transactions with the SSS, such as availing of benefits and loans.
Is SSS compulsory?
(a) Coverage in the SSS shall be compulsory upon all sea-based and land-based OFWs as defined under Republic Act No. All benefit provisions under this Act shall apply to all covered OFWs. The benefits include, among others, retirement, death, disability, funeral, sickness and maternity.
What is WISP SSS Philippines?
The Workers’ Investment and Savings Program (WISP) is a safe, convenient, and tax-free individual retirement savings plan. This provident fund is provided under the RA No. 11199 or the Social Security Act of 2018.
Can I withdraw money from SSS?
However, once you become a covered SSS member, you become a member for life. The contributions that you remit become savings for the future that will serve as basis for the granting of social security benefits in times of contingencies. Membership cannot be withdrawn and contributions paid cannot refunded.
Who are covered by SSS in the Philippines?
Employee. Self-Employed. Househelper or Kasambahay. Overseas Filipino Workers (OFW) (land-based and sea-based, except for Filipino permanent migrants, including Filipino immigrants, permanent residents, and naturalized citizens of their host countries, who may be covered on a voluntary basis)
How do I know my Social Security number Philippines?
Simply login to your SSS account on the website or mobile app and you will immediately see your SSS number. On the My. SSS website, your SSS number is located at the upper-left portion of the page, just below your name. On the SSS mobile app, the SSS number can be found on the upper-right corner of the screen.
What will happen if you skip SSS contribution?
A self-employed person who fails to register with the SSS may be subjected to fines and/or imprisoned. Self-employed and voluntary members may pay their monthly contributions prospectively or in advance, but never retroactively to cover month/s when no contribution payments were remitted.
Can I pay SSS contribution for 1 year?
If you are an OFW, your payment of contributions for the months of January to December of a given year may be paid any time within the same year. You may also pay your contributions for the months of October to December of a given year until January 31st of the following year.
How much is SSS death claim?
Death – The amount of benefit granted is equivalent to monthly pension plus 15% difference. – The dependent minor children is entitled to dependent’s pension equivalent to 10% of the monthly pension.
Which is better SSS or Pag ibig?
The SSS voluntary savings program may have lower interest rates than those of the Pag-IBIG Fund, but they’re still higher than time deposit rates of 1.13% to 3.20%. This means you can earn faster if you put your money in these government savings programs rather than in bank accounts.